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Littlejohn & Co. Chipping Away At a Big Fourth Fund

Littlejohn & Co. has closed on $398 million from 12 investors toward its fourth fund, according to a regulatory filing.

The Greenwich, Conn.-based turnaround firm came to market with Littlejohn Fund IV LP in January and raised $328 million with an additional $70 million for a parallel fund. The fund has a curious target figure of $1,323,529,412, which some reports have said is a hard cap while the actual target is $1.25 billion.

If the target is reached, the fund would be a significant jump for Littlejohn & Co., which is coming off of an $850 million third fund. That vehicle initially had only $650 million in commitments, but raised an additional $200 million in 2006. Raising a top-off fund let the firm avoid heading out to market to raise another formal partnership, while LPs can commit more money without competing for slots with new investors, according to Buyouts.

According to information from Oregon Public Employee’s Retirement Fund, Littlejohn Fund II has returned 1.48x its money. The pension fund invested $50 million to the 1999 vintage fund.

A call to Littlejohn & Co.’s media representative was not immediately returned.